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The Chinese e-tail and online giant's stock set a new high on Tuesday as chairman Jack Ma continues meetings in Hollywood

The stock market value of Chinese e-tail giant Alibaba on Tuesday briefly exceeded that of Walmart, the world's largest retailer by revenue.

Alibaba's market value rose to just above $247 billion during the day before closing at around $245 billion to overtake Walmart, according to Bloomberg data. Walmart ended the day with a market value of around $246 billion. In comparison, e-tail giant Amazon closed on Tuesday with a market capitalization of $137 billion.

During Tuesday's trading session, Alibaba's stock hit a new high of $100.50. In September, it opened at $92.70 in its stock market debut after pricing at $68.